We have hit a huge milestone recently with our first-ever multifamily deals, and we are beyond excited to share the news with you, our dear listeners!
We have recently sold 388 units that we got on a two-pack deal just two and a half years into the business plan. With this success, I am going to share three of the most important lessons that we’ve learned throughout this project which can hopefully help you invest smarter in the multifamily space.
These three lessons revolve around proof of concept, the importance of good management on site, and building trust with investors. We’ve shown investors that we did exactly what we said we were going to do; we pulled through with our promises, and this helps put a positive impact on the future of our business.
Despite losing six figures on a water leak for this project, we’ve finally come full cycle—and earlier than expected on top of it. If you are an aspiring operator or an investor looking to enter the multifamily space, these takeaways can help you learn how to avoid pitfalls in your first deal and, more importantly, how to stick to your plan for the sake of everyone involved.
Show investors that you can return their investment and can provide a great return, at that.
Good property and asset management are imperative to readiness against curveballs.
Gaining the trust of investors is vital to growing any business.